Global retail e-commerce revenue 2023, by region
which achieved a revenue of over 935 billion U.S. dollars in 2023.
Large Asian e-commerce markets have a strong influence over the rest of the world. A concrete example of an Asian e-commerce channel that is being adopted in the West is the TikTok Shop, connecting social media and e-commerce to form social commerce.
Asia leads the ranking of biggest e-commerce markets worldwide. The total revenue of online retail in Asian countries added up to nearly 1.7 trillion U.S. dollars in 2023. This was approximately 800 million U.S. dollars higher than the e-commerce revenue reached in the Americas. Australia, Oceania, and Africa achieved far lower e-commerce revenues in 2023, with values below 40 billion U.S. dollars. Asia’s leading position can mostly be ascribed to China, How dominant is Asia in e-commerce?
The e-commerce market is highly developed on the Asian continent, and will continue to grow. For instance, India is the country with the highest Compound Annual Growth Rate (CAGR) for its e-commerce market. Between 2023 and 2027, the market value is forecast to grow with over 14 percent annually. The Latin-American e-commerce market is also forecast to grow quickly in the coming years.Large Asian e-commerce markets have a strong influence over the rest of the world. A concrete example of an Asian e-commerce channel that is being adopted in the West is the TikTok Shop, connecting social media and e-commerce to form social commerce.